Torrent Power pledges shares

Torrent Power today said one of its promoter, Torrent Pvt Ltd, has pledged 11.07 per cent stake of the company with lenders.

Torrent Pvt Ltd has pledged 5.22 crore shares, representing 11.07 per cent stake in the company, the company said in a filing to the Bombay Stock Exchange.

As on December 31, 2008, Torrent Pvt Ltd had 249.32 crore shares, representing 52.77 per cent stake of the company.

The disclosure of pledged shares by Torrent Power comes after market regulator Sebi asking promoters of the listed companies to disclose the amount of shares pledged with lenders.

The regulator's announcement comes in the wake of the Satyam scam, wherein promoter Ramalinga Raju had pledged nearly all his shares whose prices he had inflated by falsifying profits.

Shares of Torrent Power settled at Rs 71.20, down 0.84 per cent on the BSE.